METALS-Copper hits eight-week low on Chinese factory data

(Updates prices) By Julian Luk London June 17 (Reuters) - Copper dipped to its lowest price in more than eight weeks on Monday on weak industrial data from top consumer China. Three-month copper CMCU3 on the London Metal Exchange fell to $9,587 a metric ton for its lowest since April 18. It last traded down 0.5% at $9,689 a ton as of 1622 GMT. It has lost 13% from the record high hit in May at $11,104.50. "Some copper users returned to buying at the $9,600 to $9,700 level but many cancelled this morning after Chinese data came out. They are waiting to see if prices will go down further," a trader said. Demand prospects for the industrial metal were clouded by the latest data from China, where May industrial output growth slowed to 5.6%, missing a forecast of 6%. A property market slump, high local government debt and deflation remained top concerns in the world's second-largest economy. Copper stocks also grew, pointing to lacklustre demand, with 4,050 tons delivered to LME-registered warehouses, mainly in Asian locations, exchange data showed on Monday. MCUSTX-TOTAL There was also a major inflow for lead, with 9,600 tons going into Singapore sheds, sending inventories to a four-week high after shrinking by more than a third since April. MPBSTX-TOTAL Lead CMPB3 was last up 1% at $2,160.50 a ton. In other metals, aluminium was down 0.8% at $2,498 a ton after China said it produced 3.65 million tonnes of aluminum in May. The output level was close to its highest in 10 years. LME nickel CMNI3 lost 0.6% to $17,475 a ton and tin CMSN3 declined 0.6% to $32,125 while zinc CMZN3 advanced 1.8% to $2,816.50. (Reporting by Julian Luk in London; Editing by David Goodman and Shreya Biswas) (([email protected])) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))